FGMNX vs. BIAZX
FGMNX (Fidelity GNMA Fund) and BIAZX (Brown Advisory Mortgage Securities Fund) are both Government Bonds funds. Over the past 10 years, FGMNX returned 1.07%/yr vs 1.37%/yr for BIAZX. Their correlation of 0.85 means they have usually moved in the same direction. FGMNX charges 0.45%/yr vs 0.49%/yr for BIAZX.
Performance
FGMNX vs. BIAZX - Performance Comparison
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Returns By Period
In the year-to-date period, FGMNX achieves a 0.02% return, which is significantly higher than BIAZX's -0.85% return. Over the past 10 years, FGMNX has underperformed BIAZX with an annualized return of 1.07%, while BIAZX has yielded a comparatively higher 1.37% annualized return.
FGMNX
- 1D
- -0.39%
- 1M
- -1.26%
- 6M
- -0.44%
- YTD
- 0.02%
- 1Y
- 3.04%
- 3Y*
- 4.12%
- 5Y*
- 0.08%
- 10Y*
- 1.07%
- ALL TIME*
- 4.23%
BIAZX
- 1D
- -0.78%
- 1M
- -1.65%
- 6M
- -1.28%
- YTD
- -0.85%
- 1Y
- 2.55%
- 3Y*
- 3.89%
- 5Y*
- 0.04%
- 10Y*
- 1.37%
- ALL TIME*
- 1.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
FGMNX Fidelity GNMA Fund | $0.00 | $0.00 | $0.00 |
FGMNX vs. BIAZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGMNX Fidelity GNMA Fund | 0.02% | 7.89% | 0.43% | 5.46% | -11.52% | -1.03% | 3.74% | 5.72% | 0.62% | 1.74% |
BIAZX Brown Advisory Mortgage Securities Fund | -0.85% | 7.99% | 1.28% | 4.34% | -10.64% | -0.30% | 5.49% | 6.93% | 0.72% | 2.35% |
Correlation
The correlation between FGMNX and BIAZX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2013 | 0.85 |
The correlation between FGMNX and BIAZX has been stable across timeframes, ranging from 0.85 to 0.95 - a consistent structural relationship.
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Return for Risk
FGMNX vs. BIAZX — Risk / Return Rank
FGMNX
BIAZX
FGMNX vs. BIAZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity GNMA Fund (FGMNX) and Brown Advisory Mortgage Securities Fund (BIAZX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FGMNX | BIAZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.11 | +0.46 |
| Martin ratioReturn relative to average drawdown | 4.26 | 2.95 | +1.31 |
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Drawdowns
FGMNX vs. BIAZX - Drawdown Comparison
The maximum FGMNX drawdown since its inception was -16.84%, which is greater than BIAZX's maximum drawdown of -15.95%. Use the drawdown chart below to compare losses from any high point for FGMNX and BIAZX.
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Drawdown Indicators
| FGMNX | BIAZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.84% | -15.95% | -0.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -3.14% | +0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -6.00% | -0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -16.49% | -15.95% | -0.54% |
Max Drawdown (10Y)Largest decline over 10 years | -16.84% | -15.95% | -0.89% |
Current DrawdownCurrent decline from peak | -2.14% | -2.96% | +0.82% |
Average DrawdownAverage peak-to-trough decline | -1.91% | -2.83% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.18% | -0.25% |
Volatility
FGMNX vs. BIAZX - Volatility Comparison
The current volatility for Fidelity GNMA Fund (FGMNX) is 0.97%, while Brown Advisory Mortgage Securities Fund (BIAZX) has a volatility of 1.35%. This indicates that FGMNX experiences smaller price fluctuations and is considered to be less risky than BIAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGMNX | BIAZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.35% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 3.29% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 4.12% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.28% | 5.87% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.69% | 4.48% | +0.21% |
FGMNX vs. BIAZX - Expense Ratio Comparison
FGMNX has a 0.45% expense ratio, which is lower than BIAZX's 0.49% expense ratio.
Dividends
FGMNX vs. BIAZX - Dividend Comparison
FGMNX's dividend yield for the trailing twelve months is around 3.34%, less than BIAZX's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIAZX Brown Advisory Mortgage Securities Fund | 4.20% | 4.43% | 4.43% | 3.65% | 2.33% | 0.75% | 0.98% | 2.12% | 2.77% | 2.03% | 2.82% | 3.59% |
FGMNX Fidelity GNMA Fund | 3.34% | 3.61% | 3.23% | 3.45% | 1.68% | 0.76% | 1.61% | 2.46% | 2.19% | 2.17% | 2.61% | 2.25% |
Frequently Asked Questions
With a correlation of 0.91, FGMNX and BIAZX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BIAZX has higher volatility (1.35%) compared to FGMNX (0.97%). In terms of maximum drawdown, FGMNX dropped -16.84% vs BIAZX's -15.95%.
FGMNX currently has the higher Sharpe Ratio (1.08 vs 0.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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